U.S. soda sales dropped for the 10th straight year in 2014

Sales of carbonated soft drinks slid for the tenth straight year in 2014 as Pepsi and Coca Cola each posted modest declines, according to a key industry report that showed volume has now settled to levels last seen in the mid 1990s.

Total volume dropped 0.9% in 2014 from the prior year, Beverage Digest reported on Thursday, with Coca Cola KO posting a 1.1% drop, while Pepsi PEP volume slid 1.4%. In the past decade, that pocket of the beverage industry has lost 1.4 billion cases in volume since 2004, which was the peak volume year for soda.

The soda industry has struggled as consumers increasingly turn to juices, flavored waters, and other beverage options they deem healthier. Those alternatives often pack fewer calories, and they don’t contain ingredients that some consumers are worried about, such as the sweetener aspartame, a sugar substitute that has a mixed reputation among consumers.

Because the declines for Coca Cola and Pepsi were worse than the overall soda category, those market leaders ceded market share in 2014. Coca Cola still commands about 42.3% of the market, while Pepsi now has 27.5%. The Coke brand posted modest growth last year, likely aided by the successful “Share a Coke” campaign that the company ran in 2014. But Diet Coke, which at once point was a savior for the industry, posted a steep 6.6% drop. The Coke brand was by far the most popular carbonated soft drink in the U.S., followed by Pepsi and Diet Coke.

Both Pepsi and Diet Pepsi also posted volume declines last year, Beverage Digest reported, while volume also slid for Diet Mt. Dew.

Dr Pepper Snapple DPS, the third largest soda maker, posted flat carbonated soft drink volume last year while smaller rival Monster Beverage MNST reported a 7% increase. Monster Beverage had the strongest performance last year, followed by Red Bull, which notched a 5.6% increase. Those brands, however, each command less than 2% of the market.

While the carbonated soft drinks figures are closely watched by industry observers, Beverage Digest also tracks total “liquid refreshment beverages” volume, which includes the sale of water and other non-carbonated beverages. That total business reported a 1.7% increase in volume for 2014, signaling a turnaround after a 1.6% drop in 2013. Volume had also increased modestly in 2011 and 2012.

Mountain Dew is being totally transformed

A brand new type of Mountain Dew is about to hit the shelves, and it’s nothing like the fluorescent sugar fuel consumers are familiar with.

The new drink is called DEWShine, and it’s being sold in long-neck glass bottles and retro packaging, according to USA Today. The soda is clear and made with real sugar, not high-fructose corn syrup. DEWshine will sell between $1 and $1.49 for a single bottle and $3.99 for a four-pack.

PepsiCo, which makes Mountain Dew, has previously released similar “Throwback” versions of its sodas that also use real sugar, responding to consumer demand for sodas sans HFCS. Still, some people are criticizing the DEWshine packaging because it looks like the craft beers that have become popular on supermarket shelves in recent years.

“The line between alcoholic and non-alcoholic beverages is intentionally being blurred by producers of both,” Michael Scippa, director of public affairs at the advocacy group Alcohol Justice, told USA Today. “Producers of high-sugar-content and high-alcohol-content beverages grow their markets by appealing to young people.”

Mountain Dew was the fourth most popular soda in the United States as of 2013, according to Beverage Digest, trailing Coke, Diet Coke, and Pepsi. Soda sales overall were down 3% in 2013, continuing a downwards trend for the industry. PepsiCo saw earnings and revenues drop last quarter, partially due to fluctuating foreign exchange rates.

Why female CEOs are staying quiet on activist investors

That’s the question that media pundits and experts alike are abuzz with as six prominent female CEOs fend off bids from aggressive activist investors. Most recently, GM CEO Mary Barra is feeling pressure from an activist who is trying to get on her board. She joins Pepsi’s Indra Nooyi, Yahoo’s Marissa Mayer, DuPont’s Ellen Kullman, Mondelez’s Irene Rosenfeld and HP’s Meg Whitman who are also under pressure from the likes of activists.

With only 25 female CEOs in the Fortune 500, it’s hard not to pause and question if gender targeting is really going on. But rather than join the discussion on whether or not they think these activists are targeting them on gender grounds, all the executives are staying quiet. None of the women have come out publicly on the issue and all of them either denied Fortune’s request for comment or didn’t respond immediately. Why?

Call it good common sense. Becoming the “poster child” for any issue — gender aside — when your company is under pressure to perform is the last thing any CEO should do, a group of experts told Fortune. Commenting publicly on the issue would not only put these women in a position of weakness, but could encourage activist investors to see their gender as a barrier to them being an effective leader.

“Chief executives are interested in maintaining both their power and reputation,” said Davia Temin, the founder of Temin & Co., a crisis-management firm. “There would be no benefit in acknowledging your gender. In fact, a lot of detriment could come of that. A female CEO doesn’t need to remind anyone else that she is a woman seeking the very same leadership goals as a man.”

It’s true that activists investors could likely see women as softer targets for a takeover because of their gender — even if it’s unconscious, said Melody Kimmel, a senior vice president and director of communication training at FleishmanHillard. But responding would only make the CEOs seem defensive, she said, adding that there is no upside to speaking about an issue that draws attention to the activist pressure in any way.

“All CEOs have to be strategic about the causes they pick up and if makes sense for their business to do so,” she said. “They need to be the face and the voice of the company, not the poster child for whatever issue, in this case gender.”

In fact, for Allan Chernoff, the owner of Chernoff Communications, the issue doesn’t relate to gender at all. From an investor standpoint, it doesn’t make sense for any CEO to comment publicly on any part of a bid from an activist investor. Equating coming forward to defend themselves to a CEO “pouring honey on them to attract the bees,” Chernoff said activists are already distracting to management and this would only provoke them to continue to pester.

While all the communication experts agreed that the CEOs themselves should not address the issue, Paul Argenti, a professor of corporate communication at the Tuck School of Business at Dartmouth, said he was surprised that another female CEO at a strongly performing company hasn’t “come to their defense.”

“I am surprised that no female leaders are talking about it at all,” he said. “Standing up and pointing the finger to say something wrong is going on could be played to their advantage. It would show a lot of courage, which is an important trait for a leader.”

Fortune’s Pattie Sellers started the discussion last month by pointing out Nelson Peltz has targeted three female CEOs in the Fortune 500. Then Andrew Ross Sorkin of the New York Times questioned earlier this week whether or not gender really plays a factor in the recent activist trend. Yet for Chernoff and others, it’s clear that to some degree, these female leaders are being singled out because of their minority status as CEOs. That doesn’t mean they should acknowledge it — however.

“Of course, there is gender bias, but these are very smart capable women and like smart male CEOs, they don’t want to play the activist investors game. Certainly on the public stage,” said Chernoff.

PepsiCo’s quarterly revenue slips due to a stronger dollar

PepsiCo, the maker of Mountain Dew and Tropicana beverages, reported a 1 percent fall in quarterly revenue as a stronger dollar hurt revenue from international markets.

The company’s net revenue fell to $19.95 billion in the fourth quarter ended Dec. 27, from $20.12 billion a year earlier.

Net income attributable to the company fell to $1.31 billion, or 87 cents per share, from $1.74 billion, or $1.12 per share.

Like its rival Coca-Cola KO, PepsiCo PEP is dealing with declining demand for its core sugary drinks business.

PepsiCo’s Chief Executive Indra Nooyi has faced a challenge from activist investor Trian, which is led by Nelson Peltz, who has argued that PepsiCo should split its more successful snack division from its waning beverage business, arguing that the move would reduce costs and unlock value for shareholders. Nooyi has said that the company’s divisions are better off together.

However, Coke said sales in North America, its biggest market, rose for the first time in four quarters, offsetting the impact of a stronger dollar on its overseas business.

Coke’s sales in North America have declined or remained flat for the last three quarters as U.S. consumers opt for healthier beverages and shift away from diet sodas due to concerns over artificial sweeteners.

Analysts say U.S. consumers are still drinking less soda but are paying more for it.

The Grammys, food earnings and Goldman Sachs — five things to watch for in the week ahead

If you’re a lover of good music, good food and good tech, next week is a big one in business news. That’s because the Grammy Awards will kick off things off Sunday. Then there’s the Goldman Sachs Technology and Internet Conference in San Francisco, at which a number of top executives will speak, along with a smorgasbord of earnings from some big food and beverage companies.

Here’s what you need to know for your week ahead.

1. The Grammy’s

Expect social media to be abuzz with for the 57th Annual Grammy Awards, which include a smattering of pop’s biggest stars including Iggy Azaela, Taylor Swift and Meghan Trainor. Music is, of course, a business. So the event is not just about glory, tasteless fashion and hit songs. Winners along with their music labels may get a lift in sales in the coming weeks from a good showing. Meanwhile, CBS CBS, which is televising the extravaganza, will be on the hook for good ratings.

2. The Goldman Sachs Technology and Internet Conference

It’s going to be a stacked event with some of the biggest names in tech talking about the future of the industry at the annual Goldman Sachs conference, which runs Tuesday through Thursday.. Apple CEO Tim Cook AAPL, Yahoo’s YHOO CEO Marissa Mayer, Intel CEO Brian Krzanich INTC, Cisco Systems CEO John Chambers CSCO and Twitter CEO Dick Costolo TWTR will headline the event.

3. Food earnings take the head seat at the table

It’s going to be a super-sized plate of earnings from food, restaurant and grocery companies this week. Coca-Cola KO reports Tuesday morning. On Wednesday, Pepsi kicks off the day followed by Cheesecake Factory CAKE and Whole Foods WFM in the afternoon. On Thursday, watch out for Kellogg K to report in the morning and then Kraft KRFT late in the day.

4. Data for small businesses, job openings and consumer sentiment

Expect a long list of economic reports taking the pulse of consumers, small business owners. To start things off, the National Federation of Independent Business releases its survey showing the level of optimism among small business owners. The latest report in mid-January painted a rosy portrait — the index used by the organization increased 2.3 points to 100.4, the highest reading in nine years, according to Reuters. There’s also the University of Michigan Consumer Sentiment Survey slated for Friday. Its latest findings in January showed that consumer optimism had reached the highest level in the past decade.

5. Must-attend conventions, shows and events

And if all that wasn’t enough to keep and eye out for, there’s a long list of events to put on your calendar. New York’s Fashion Week, a gathering of the world’s top designers, kicks off Thursday. Chicago’s Auto Show revs up on Saturday as does New York’s Toy Fair, which brings the biggest in the industry like Mattel MAT and Hasbro HAS in one place to unveil their latest dolls, games and electronic-packed diversions. Of course, don’t forget Valentine’s Day, a huge event for your loved one (not to mention for florists and chocolatiers). Check Fortune.com for a range of features about must-use dating apps, cool gadgets for kids and the latest in the car industry.

Here’s how 5 companies capitalized on Snowpocalypse

Companies are getting adept at using big news events for marketing, especially on social media. The blizzard that struck the Northeast over the past couple of days proves the point.

A few opportunistic companies used the wintery weather as an excuse to get the word out about their products on Twitter. Here are five companies – all incidentally in the food and beverage industry – that tried to feed off the Snowpocalypse media frenzy in 140 characters (or less).

NFL’s image: Bruised but improving after player scandals

Super Bowl XLIX is less than a week away, and the National Football League can use some help with its image after a series of unflattering scandals, according to a survey released this week.

The public has only a slightly favorable view of the NFL, according to the latest survey by YouGov BrandIndex, a company that tracks perceptions of various products, companies and sports.

Respondents gave professional football a “buzz score” of 12 on a scale of -100 to +100, with zero being neutral. Although not exactly a ringing endorsement, the NFL’s grade is an improvement from the fall, just after the league had fumbled its response to former Baltimore Ravens running back Ray Rice knocking out his then-fiancee in a hotel elevator.

In early October, respondents gave the NFL a dismal buzz score of -40, based on nearly half of those surveyed saying they had a negative view. It was the league’s lowest grade in two years.

“The good news for the NFL is that Buzz has been on a steady increase since mid-December, as the regular season was wrapping up and the playoff match ups were being finalized,” according to the report.

YouGov’s BrandIndex is based on responses from 50,000 adults about whether they had a positive or negative view of the NFL based on what they had heard about it during the preceding two weeks.

In the latest survey, 28% of respondents said they had recently heard something positive about the NFL while 16% said they had recently heard something negative. Fifty-six percent said they had not heard anything positive or negative.

The NFL did not immediately respond to a request for comment.

The lukewarm results comes after intense criticism of NFL Commissioner Roger Goodell for his initial handing of the Rice domestic abuse case. He decided to give Rice just a two-game suspension before eventually reversing course and extending it indefinitely after TMZ released a video of the assault. But a judge later overturned that indefinite suspension.

Prior to Rice, the NFL also suffered a tarnished image over Adrian Peterson, the Minnesota Vikings running back who was accused of beating his four-year old-son. Peterson is currently suspended from playing, but has can apply to be reinstated in April.

More recently, football fans have attacked the New England Patriots, one of this year’s Super Bowl teams, for “DeflateGate.” Someone on the team allegedly deflated game balls to make them easier to catch as a way to gain a slight advantage in the AFC Championship game versus the Indianapolis Colts.

The latest YouGov survey was done before the high-profile mystery about football air pressure. Therefore, any public backlash is not factored into the score.

Fading memories and excitement over the playoffs most likely have to do with the NFL’s improved image. But the league has also tried to polish its image by crafting a domestic abuse policy that increases punishment of players. As part of the effort, Goodell appointed a panel of domestic violence experts in September to consult with the NFL.

Business chiefs hitch a ride to India with President Obama

When President Obama flies off to India this weekend for a historic second trip to the newly-arrived economic giant, he’ll have a blue-chip roster of CEOs in tow.

The delegation of business chiefs so far includes Ajay Banga of Mastercard MA, Dave Cote of Honeywell HON, Bob Iger of Disney DIS, Indra Nooyi of Pepsi PEP, Arne Sorenson of Marriott MAR, and Vivek Ranadive of Tibco TIBX, Fortune has learned.

Officially, Obama is traveling to attend India’s Republic Day celebrations as the guest of Indian Prime Minister Narendra Modi (the President even scrambled scheduling of his State of the Union address to accommodate his attendance). But the presence of the corporate captains the White House hustled to recruit for the mission indicates the economic stakes. Warming diplomatic ties between the world’s oldest democracy and its largest are encouraging American companies seeking expanded access to India’s $2 trillion economy.

Modi is pushing to make his country friendlier to foreign investment with new incentives and regulatory reforms. He unveiled a “Make in India” campaign in September aimed at promoting the country as a manufacturing haven. And the US and India are chasing a five-fold increase in bilateral trade, to $500 billion, by 2020.

Those will be grist for a pair of meetings the American CEOs are slated to hold with leading Indian executives on their visit. The US-India CEO Forum, a government-appointed group co-chaired by Cote and Tata Sons chairman Cyrus Mistry, will host the first huddle. (That group was organized around Obama’s first visit to India, in 2010, but one source familiar with it described it as “dormant” in recent years.) Then Obama and Modi will join the chiefs for another organized by the US-India Business Council, a lobby promoting economic cooperation.

The countries are also looking to strengthen defense ties, though it’s not yet clear whether they will announce any procurement deals on this visit.

Joseph Gordon-Levitt and 7 other celebrity-CEO couples

Hearts broke at the start of 2015 when word came out that dreamy 33-year-old actor Joseph Gordon-Levitt had quietly married Tasha McCauley, co-founder and interim CEO of the robotics company Fellow Robots at Silicon Valley’s NASA Research Park. Of course, Hollywood-meets-the-boardroom pairings are nothing new, except maybe for the gender reversal in this case and the ultra-low profile the couple have kept. Here’s a look at other pairings, past and present, of famous entertainers with CEOs.

Keurig signs a deal with Dr Pepper for an upcoming soda machine

Keurig Green Mountain has signed a development deal with Dr Pepper Snapple to produce carbonated cold beverages for the coffee company’s new at-home beverage maker.

Keurig GMCR, which plans to launch “Keurig Cold” in the fall of this year, has now inked two major partner agreements to help it generate interest in the device. Nearly a year ago, the company announced a development deal that would result in Coca-Cola’s KO products being used in Keurig’s at-home beverage systems. At the time that deal was announced, Coca-Cola also raised its stake in Keurig.

Watch more about Keurig from Fortune’s video team:

The single-serve pods are expected to dispense cold beverages, similar to the popular Keurig coffee pods. The company’s cold system is expected to dispense carbonated drinks, as well as juice, sports drinks and teas. The new pact with Dr Pepper DPS, which is a multi-year agreement, will add another name brand to the system. Keurig will be the exclusive provider of single-serve, pod-based carbonated Dr Pepper brands for the Keurig Cold system in the U.S. and Canada.

The news could potentially worry competitor SodaStream SODA. While SodaStream has popularized the concept of making carbonated beverages at home, the company has hit a wall in the U.S., where it has been tough for the company to win over new converts in recent months. SodaStream has sought to pivot and market its products for their health and wellness, saying it believes that message would resonate more with consumers. SodaStream has deals with brands like Kool-Aid and Crystal Light, but none of the major traditional soda giants.

For the soda companies, the at-home beverage makers give them another opportunity to get into consumers homes. And that’s important in 2015 as sales of carbonated soft drinks have been falling for years, with the rate of decline worsening of late as consumers turn to juices, flavored waters and other beverage options they deem healthier and generally with fewer calories.